Part 10 — Financial Disclosure
245 Notice of error
notify the auditor and the audit committee, if any, of any error or
misstatement of which the director or officer becomes aware in a
financial statement that the auditor or a former auditor has reported
on.
(2) If the auditor or a former auditor of a cooperative is notified or
becomes aware of an error or misstatement in a financial statement
on which the auditor or former auditor has reported, and if in the
opinion of the auditor or former auditor the error or misstatement is
material, the auditor or former auditor must inform each director
accordingly.
(3) When under subsection (2) the auditor or former auditor
informs the directors of an error or misstatement in a financial
statement, the directors must
(a) prepare and issue revised f inancial statements or otherwise
inform the members and investment shareholders, and
(b) if the cooperative is a distributing cooperative, the
cooperative must file the revised financial statements with
the Executive Director or inform the Executive Director of
the error or misstatement in the same manner as the
members or investment shareholders were informed of it.